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Standard Chartered PLC, a British multinational banking and financial services company headquartered in London, England, has successfully harnessed blockchain technology to conduct the first blockchain business transaction in Bangladesh, according to Newage on August 16.
Standard Chartered Bank has issued a Letter of Credit (LC) for the trade between clothing exporter Viyellatex Ltd and Viyellatex Spinning on the Contour blockchain network. LC is a letter from a bank guaranteeing that payment from a buyer to a seller will be received on time and for the correct amount.
The entire transaction would have been dematerialized and carried out digitally via the Contour network. Contour’s blockchain network leverages R3’s Corda blockchain and enables all participants to leverage the network to create and renew real-time business data for global distributed digital commerce. He added that:
“Contour improves data transparency, removes administration costs, and reduces friction in global commerce – all of this translates into an overall increase in efficiency and lower costs for all parties.”
KM Rezaul Hasanat, Chairman and CEO of Viyellatex Group, said:
“Blockchain technology will definitely increase the efficiency of exchanges and reduce the processing time of the LC process. Therefore, we are very happy and proud to collaborate with Standard Chartered Bank and participate in the first business transaction in Bangladesh using revolutionary blockchain technology.
As Cointelegraph previously reported, German banking and tech giants used Corda’s platform to complete a 100,000 euro money market security transaction.
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